Meme token traders are often moving between holdings. A brand-new wallet loaded up on top memes, just days after the latest market crash.
A newly created wallet loaded up on Floki Inu (FLOKI), as well as other top meme tokens. The whale withdraw the assets from Binance, just days after FLOKI deposits led to a 25% market crash. The whale also withdrew Worldcoin (WLD) and Pepe (PEPE), for a total of $3.12M.
The whale now has $2.8M worth of PEPE tokens, more than $500K in FLOKI and $399K of WLD. The wallet has no other trading history, and has been created on September 2, just to interact with the respective Binance hot wallets.
For now, FLOKI remains the losing position, despite the decision to buy the dip. FLOKI has been sliding from $0.00016 down to $0.00012. For a meme token with some utility and staking, FLOKI remained relatively stable and has not added another zero to its price.
The address is not in the top 150 of FLOKI based on Bubblemaps, though it has enough value to depress the FLOKI price in case of spot selling. The PEPE holdings are also outside the range of the top 150 whales. The same wallet also holds Fantom (FTM) valued at $432,924, also newly acquired as of September 2.
The wallet also recently interacted with NFT collectors, identified by Nansen as an NFT collector wallet.
The seemingly unrelated buying from a brand-new wallet suggests the potential for renewed interest, or big buyers rolling over into new assets.
Buyers appear after FLOKI snapshot crash
FLOKI tokens were held closely until the August 29 date, when a snapshot decided the addresses eligible for the new Simon’s Cat (CAT) token airdrop. The new whale bought right after the CAT snapshot date, seemingly showing no interest in the new token.
The FLOKI community is usually dedicated to holding, though earlier transactions saw transfers to centralized exchanges. The FLOKI token was also shorted soon after the airdrop snapshot date, expecting a sell-off.
Some of the FLOKI holders did sell, but overall, the token did not crash deeply and moved within its usual daily range. FLOKI is a well-established and liquid meme token from an earlier bull market, and the new CAT token is yet to be tested by the market.
As a result of the crossover with the CAT project, FLOKI saw peak trading related to its newly introduced trading bot on Binance Smart Chain. From August 26 onward, FLOKI had a sudden spike in trading volumes.
The activity of the trading bot is also seen as key in creating utility for the FLOKI token, as well as boosting token burns through fees.
FLOKI remains a fully diluted token, with a 9.58B circulating supply and 9.68B in total supply. The asset focuses on long-term holding and in helping build additional multi-chain features. FLOKI also has some of its biggest whales stake as long-term holders.
During the latest AMA and community meeting, the Floki Inu team hinted at new partnerships, possibly related to its TokenFi tokenization platform. Floki’s team hinted at “industry heavyweights” joining it for its latest project.
Simon’s Cat brings back demand for high-profile meme projects
The Simon’s Cat project hinges on the popularity of a relatively older Internet animation. The meme token was a rare event with a potential Binance listing, due to the well-known creator.
CAT also had some early trading success, starting off at $0.000013 and rallying to $0.000022. The token is still relying on PancakeSwap, with expectations of graduating to larger centralized exchanges and especially Binance. The inclusion of the Floki community and the PancakeSwap activity is also boosting the prominence of Binance Smart Chain, which has lost market share to Ethereum and Solana.
The Floki Inu community also boosted the presale numbers for CAT. As of September 2, CAT was held in 30,221 BSC wallets.
The Floki team suggested it may be open to similar partnerships in the future, potentially creating demand for FLOKI as a key to new airdrops. FLOKI is still outside the top 5 meme tokens by market capitalization, and lags behind Shiba Inu (SHIB) in terms of adoption, due to a later launch.
FLOKI is gaining experience with multiple side products, even attempting to bring in gaming and Web3 features during the 2021 boom. FLOKI goes beyond speculative meme tokens and aims to bring utility, as well as its own liquidity ecosystem.
Cryptopolitan reporting by Hristina Vasileva
